Bitcoin keeps outflowing from exchanges by hundreds of millions of dollars
According to glassnodeBitcoin worth $265.6 million has been withdrawn from centralized exchanges in the past 24 hours, with a net outflow of $43.1 million.
At the same time, yesterday was just another day in an ongoing stream of BTC withdrawals from exchanges and transfers to decentralized solutions. Whether the outflow of Bitcoin from exchanges is a continuation of the FTX crisis or preparation for bullish movement in the crypto market is a question worth considering.
What are the talking points?
In favor of the first thesis are data from the same source, according to which a month and a half after the collapse of the “pyramid exchange”, the weekly number of withdrawals from the exchange reached its 30-day minimum. The number of BTC recipient addresses from exchanges reached a similar peak. That is, to some extent, the second phase of the escape from centralized exchanges has passed.
On the other hand, the possibility of a greening of the crypto market fields, heavily fertilized with blood over the last year, is evidenced by the consistently positive net inflow of stablecoins represented by USDT on centralized platforms. At the same time, the USDT.D dominance index continues to consolidate near its historic highs.
The crypto market appears to be frozen in anticipation, but with all major indicators either at higher or lower lows, the direction of its future movement should soon be determined.
